{"id":3905,"date":"2016-11-04T16:35:18","date_gmt":"2016-11-04T21:35:18","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3905"},"modified":"2022-03-23T10:54:03","modified_gmt":"2022-03-23T15:54:03","slug":"energy-company-cases-arizona-corporation-commission-orders-texas-man-pay-1-4m-two-companies-pay-11-2m-restitution-700-investors-sec-files-stock-manipulation-char","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/energy-company-cases-arizona-corporation-commission-orders-texas-man-pay-1-4m-two-companies-pay-11-2m-restitution-700-investors-sec-files-stock-manipulation-char\/","title":{"rendered":"Energy Company Cases: Arizona Corporation Commission Orders Texas Man to Pay $1.4M, Two Other Companies to Pay $11.2M in Restitution to More than 700 Investors, & SEC Files Stock Manipulation Charges Against Multiple Individuals\u00a0"},"content":{"rendered":"

Texas Man and His Energy Company Must Pay Arizona Restitution, Penalties for Oil Well-Related Misrepresentations<\/strong><\/p>\n

Texas resident Kenneth White and his Marchant International Resources Inc. must pay almost $1.4M plus $150K in penalties for misrepresenting its participation in two oil well projects that was backed by 12 Arizona investors. The fine was issued by the Arizona Corporation Commission (ACC), which accused White of failing to disclose the complete facts about his business, the company\u2019s experience with well-drilling, and Merchant\u2019s efforts with two wells. The $150K penalty is because White did not disclose that he was previously convicted for a $4.3M felony theft crime when he was marketing himself and his experience in energy extraction.<\/p>\n

 <\/p>\n

More than 700 Investors to Get $11.2M in Restitution Over Inadequate Disclosures\u00a0<\/strong><\/p>\n

White and his company are not the only ones facing fines brought by the ACC in an energy case. Brian C. Hageman and his Hydrotherm Power Corp. and Deluge Inc. now have to pay $11.2M in resittion to over 700 investors. According to the state, while\u00a0 marketing a thermal hydraulic engine project, Hageman did not tell investors that the two companies were no longer in valid operation. He also must pay a $55K administrative penalty for bilking shareholders.<\/p>\n

 <\/p>\n

SEC Accuses Minnesota-Based Energy Company Co-Founder of Stock Price Manipulation<\/strong><\/p>\n

The Securities and Exchange Commission has filed charges against the co-founder of a Minnesota-based energy company.\u00a0Ryan Gilbertson\u00a0is accused of rigging\u00a0Dakota Plains Holdings\u2019 stock price while hiding his control of the company in order make a lot of money.\u00a0\u00a0The SEC claims that Gilbertson enriched himself by over $16M as he and others allegedly bilked shareholders through price rigging.\u00a0Meantime, his co-founder,\u00a0Michael Reger, will pay almost $8M to settle the charges brought against him.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Texas Man and His Energy Company Must Pay Arizona Restitution, Penalties for Oil Well-Related Misrepresentations Texas resident Kenneth White and his Marchant International Resources Inc. must pay almost $1.4M plus $150K in penalties for misrepresenting its participation in two oil well projects that was backed by 12 Arizona investors. The fine was issued by the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801,3760,3741,3750],"tags":[],"class_list":["post-3905","post","type-post","status-publish","format-standard","hentry","category-sec","category-sec-enforcement","category-securities-fraud","category-texas-securities-fraud"],"yoast_head":"\nEnergy Company Cases: Arizona Corporation Commission Orders Texas Man to Pay $1.4M, Two Other Companies to Pay $11.2M in Restitution to More than 700 Investors, & SEC Files Stock Manipulation Charges Against Multiple Individuals\u00a0 — Investor Lawyers Blog — November 4, 2016<\/title>\n<meta name=\"description\" content=\"Texas Man and His Energy Company Must Pay Arizona Restitution, Penalties for Oil Well-Related Misrepresentations Texas resident Kenneth White and his — November 4, 2016\" 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